Vientiane (Laos) Property Market Year End 2011
Vientiane, the capital of Laos, resembles more of a sleepy South American town than the commercial hub of another emerging tiger and this reflects the intention of a more moderate trajectory of growth in the city. The name is translated as ‘City of Sandalwood’, a tree known for its fragrance, and it became the capital of Laos as far back as 1563. It was not until 1986 with the “New Economic Mechanism” that begun the slow process of market orientated reforms to a centrally planned economy that the emergence of Vientiane as both the political and commercial capital of the country took place. However, being landlocked and having a small population as well as being cautious in its growth strategy has meant that the city has only recently taken on the characteristics of modern city life and there is still some way to go. But that remains the charm of Vientiane for those who have been fortunate enough to experience the city.
A significant amount of real estate activity is undertaken by diplomatic missions and Non Governmental Organizations (NGOs) in the form of villas and leased apartments for their own operations as well as residences for their expat employees. Over the past ten years Laos has undertaken a significant amount of hydropower development and is serving the energy needs of its neighbours as well as becoming an important mining destination and logistical hub for regional trade. Many companies involved in these sectors, especially from Vietnam, China and Thailand, have now located their head office in Vientiane. A plethora of banks have sprung up in the capital to serve the needs of these investors.
A significant amount of real estate activity is undertaken by diplomatic missions and Non Governmental Organizations (NGOs) in the form of villas and leased apartments for their own operations as well as residences for their expat employees. Over the past ten years Laos has undertaken a significant amount of hydropower development and is serving the energy needs of its neighbours as well as becoming an important mining destination and logistical hub for regional trade. Many companies involved in these sectors, especially from Vietnam, China and Thailand, have now located their head office in Vientiane. A plethora of banks have sprung up in the capital to serve the needs of these investors.
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